Operational Update

11/01/2012

Ultra Petroleum (NYSE:UPL) reported on its Marcellus Shale
activities during the third quarter of 2012 and released production curves on
wells in Clinton, Lycoming, Potter and Tioga
Counties.

Ultra Petroleum participated in drilling eight gross wells and
initiated production from 22 gross Marcellus Shale wells during the quarter. The company reported average daily production
of 196 million cubic feet of natural gas equivalents.

Ultra Petroleum said that the six Marcellus Shale wells in
Clinton County put onto sales in the third quarter of 2012 averaged seven
million cubic feet of natural gas equivalents.
The sixteen Tioga County wells had average production of 7.1 million
cubic feet of natural gas equivalents.

Ultra Petroleum also released a graph showing normalized
average daily production for the company’s horizontal wells in the Marcellus
Shale.

10/18/2012

CONSOL Energy (NYSE:CNX) reported on its operations in the wet gas
area of the Marcellus Shale for the third quarter of 2012. The company is involved on a non-operated basis
in this area with Noble Energy (NYSE:NBL).

CONSOL Energy reported production from four out of five wells at
the SHL-1 pad, with a combined initial production rate of 18.6 million cubic
feet per day. The four wells also
produced 22 barrels of condensate and 56 barrels of natural gas liquids for
every million cubic feet of natural gas.

CONSOL Energy said that operator Noble Energy has drilled 15
Marcellus Shale wet gas wells and put nine onto production to date in 2012. Noble Energy is operating three rigs in the Marcellus
Shale and plans to drill between 26 and 28 wells during the year.

10/17/2012

CONSOL Energy (NYSE:CNX) reported on its Marcellus Shale
operations in northern West Virginia for the third quarter of 2012. The company finished its Marcellus Shale drilling
program here in the previous quarter and did not spud any new wells.

Philippi 4 pad – three wells – initial production rates from 6.5 million to 9.2
million cubic feet per day.

Alton 2 pad – six wells - initial production rates from 3.5 million to 6.7
million cubic feet per day.

CONSOL Energy said that the 9.2 million cubic feet per day production
rate at the Philippi 4 pad well was a record Marcellus Shale well for northern West
Virginia.